Oil, Gas Prices End March On Strong Note

Paula Dittrick | Oil & Gas Journal

01 APR 2014

Crude oil futures on the New York and London markets were down slightly March 31 after weekend talks between US Sec. of State John Kerry and Russian Foreign Minister Sergei Lavrov seemingly yielded little progress toward resolving the Ukraine conflict.

Concerns linger that the conflict could escalate, threatening oil and natural gas supply from Russia. Kerry and Lavrov said they will continue to work toward reaching an agreement. On March 31, Russia said it would pull several hundred troops away from the Ukrainian border, but U.S. officials said tens of thousands of Russian troops still remain in place.

Brent crude oil prices also could receive support from potential supply disruptions in South Sudan, analysts said, noting South Sudanese rebels say they plan to seize some oil fields. ANZ Bank estimated 160,000 b/d of oil production was at risk in Upper Nile oil fields.